Corning Incorporated (NYSE:GLW) Shares Sold by Mayflower Financial Advisors LLC

Mayflower Financial Advisors LLC decreased its position in Corning Incorporated (NYSE:GLW) by 3.5% in the 4th quarter, Holdings Channel reports. The fund owned 15,991 shares of the electronics maker’s stock after selling 577 shares during the period. Mayflower Financial Advisors LLC’s holdings in Corning were worth $760,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Sound Income Strategies LLC increased its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the period. City Holding Co. grew its stake in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton increased its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of Corning in the fourth quarter worth about $40,000. Finally, Cassady Schiller Wealth Management LLC purchased a new position in Corning in the third quarter valued at about $39,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GLW. Barclays cut their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.23.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Corning Stock Down 2.5 %

Shares of Corning stock opened at $49.97 on Thursday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The stock has a market capitalization of $42.78 billion, a price-to-earnings ratio of 293.93, a PEG ratio of 1.46 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The business’s 50 day simple moving average is $48.62 and its 200-day simple moving average is $45.57.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. Equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.